 Honesty and Integrity: Miyake Appraisal Kauai LLCWe think of our business as a profession. The rigors of becoming a licensed appraiser have increased more than ever before. So it goes without question these days that real estate appraisal can definitely be considered a profession as opposed to a trade. As with any profession we have a strict ethical code.
An appraiser's main obligation is to their client.
Typically, for a regular residential appraisal, the appraiser's client is the lender ordering the appraisal, and often the appraisal is ordered by a third party the lender has retained to maintain independence.
Appraisers are typically limited to only disclosing their findings to their clients, so as
a homeowner, if you desire to review an appraisal report, you normally have to request it via your lender.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, both buyers and sellers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary responsibility is limited to those parties who the appraiser is aware of, based on the scope of work or other things in the framework of the assignment.
Appraisers also have standards outside of boundaries of clients and others. For example, appraisers must keep their work files for at least five years - at Miyake Appraisal Kauai LLC you can rest assured that we abide by that rule. When working on an appraisal, we follow the highest ethical standards possible. Working on orders where our fee is dependent on our value conclusion is never an option. In other words, we are not able to agree to do an appraisal report and collect payment on the contingency of the loan closing. There's a definite conflict of interest if an appraiser can report a larger value and then get paid more money! Finally, the Uniform Standards of Professional Appraisal Practice explicitly defines a violation in ethics as accepting of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)", "a direction in assignment results that favors the cause of the client", or "the amount of a value opinion" as well as other situations. We follow these rules to the letter which means you can be assured we are going above and beyond to provide an unbiased determination of the home or property value. With Miyake Appraisal Kauai LLC, you won't have any doubts that you're receiving 100 percent ethical, professional service. |
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